Never miss an update

3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: 3.1 Phillip Lim
Features: Stretch Toe Type: Pointed Toe
Color: Blue Model: Kyoto 3.1 Phillip Lim
Boot Shaft Height: Ankle Modified Item: No
Fastening: Zip Calf Width: Medium
US Shoe Size (Women's): US 7 Heel Height: High (3 in. and Up)
EUR Shoe Size (Women's): EUR 39 Country/Region of Manufacture: Italy
Pattern: Solid Material: Velvet
Heel Type: Block Style: Ankle Boots
Width: Medium (B, M)
Never miss an update

3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38 - blurrypron.com

    3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38
    3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38
    $450 Alberto Fermani Womens Brown Leather Boots 37NWOB OSCAR SPORT Real GoatFur Exterior Boots Black Size 38EU/8US Made in Italy , NIB $495 AQUATALIA GENNA WEATHERPROOF STRETCH ELASTIC & LEATHER BLACK BOOT 6NEW PAUL GREEN Nora Tall Black Hydro Suede/Stretchy Panel Boot US 7.5/$479 , Stuart Weitzman Black Knee High Lambskin Boots High Heel Size 6.5 , Irish Setter Women's 2889 LadyHawk Waterproof 2000 Gram 9" Big Game Hunting B...Muck Boot Reign Tall Rubber Women's Riding Boot Black/Purple 9 M US , Manitobah Buffalo Dancer Mukluks Charcoal Vibram Womens Boots 9 , Dr. Martens Men's Coraline in Dark Brown Gizzly Leather Combat Boot,NIB Donald Pliner DEVYA-KS Over the knee Boots Khaki Size 6MRag & Bone Harrow asphalt gray Suede Ankle Boots Size 9 Europe 39 new in boxAerosoles Women's Street Smart Boot Black Leather 7.5 M USTamara Mellon Suede Sunkiss Boots 105MM Heels US 6/$1,195 , Moma Appaloosa T. Moro Dark Brown Leather Women’s Boots Sz 40 NIB $537Brand New ROBERTO CAVALLI Knee High Brocade Boots 37.5/ 7.5 , Cobb Hill Women's Bethany Boot Black 7.5 M US , Rag & bone Mabel Peep Toe Boot Black sz 37.5 Women Only 1 Left , Tory Burch "Wayland" Black Suede Tall Boots Size 9 *NIB* , Corral Ladies Straw Overlay and Studs Boots , 8-Layer Chrome Plated Rhinestone Fringe Thigh High Boots Adult Women Gold , NWOB Oscar Sport Mongolian Fur Boots Black Size 38 Made in ItalyAriat Women's Round Up J Toe Western Cowboy Boot - Choose SZ/Color , GENUINE YVES SAINT LAURENT BLACK LEATHER PLATFORM BOOTS RRPJessica Simpson Pheandra Suede Real Ostrich Tall Boots Size 8.5 , Billy Reid $595 Black Leather Shearling Wedge Boots Womens Size 9 MFRYE Women's Jayden Moto Cuff Boot Black 8.5 M US , Costume National vintage engineer moto knee boots MSRP$1173!!!! , Justin Boots Women's Stampede Western Boot Dark Brown Mustang 7.5 M US , sz 7 NEW STUART WEITZMAN boots Frontzip Tassle Black Leather heel cap toe $595
    3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38 - blurrypron.com>3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38 - blurrypron.com
    Lucky Brand New Khlonn Black Womens Shoes Size 5.5 M Boots MSRP $239Women's 7.5 B M Justin Punchy Buttercup Quill Ostrich Western Cowboy Boots L8961 , Yves Saint Laurent Rock 40 Chelsea Fringe Ankle Boots Booties $1195 39 9CLARKS Women's Gracelin Jonas Loafer Flat Black Suede 100 M US , SPRING STEP PRO WOOLIN-W-W - WOOLIN Size: - Color:Tory Burch 'Reva' Ballerina Flat with Gold Hardware - Brown - Size 5.5M - $225 , Jeffrey Campbell Leather / Pvc Light-up Sneakers Sz 8.5 US / 38.5 EU $250 NWOBPleaser Women's Diamond 708 Clear/Clear Platform ShoesSteve Madden Women's Fabulous Heeled Sandal - Choose SZ/Color , Funtasma Women's Victorian 03 Cream PU HeelsSexy 6 1/2" gold chrome slip on cut out platform shoesBRIAN ATWOOD ALESHA SKYHIGH FETISH PEEPTOE PLATFORM PUMPS IN PATENT LEOPARD 40 , Monika Chiang “Zinc” D’Orsay Pumps, $395 SIZE 37 US 7 (TACO700 , Sanita Ester Open Clog Women slippers with cool print pattern - NEW , NAOT Women's Florence Mule Midnight Black Leather 36 EU/5 M-W USSaint Laurent Nu Pieds 10 Fringe Stud Flat Gladiator Sandals 39.5 9.5 , AB498 D.A.T.E. (DATE) shoes black leather suede men sneakersMens Croco Pull on Chelsea Ankle Boots platform Punk Goth Dress Formal High TopMen's/Women's Sperry Top-Sider Men's Clipper LTT Oxford Promotion Preferred material Direct businessLucasarts - LP-15038-01 Lucien Piccard Mens Transway Automatic Stainless SteelCole Haan Hamilton Grand Bit Loafer Men's Leather Dress Shoes Black SIZE 7 $160Skechers Women's Side Street-Core-Set Sneaker - Choose SZ/ColorSkechers Womens Skechers Sport Super Cup-Coastlines Low Top, Chestnut, Size 6.0 , New Balance Women's Fresh Foam Vongo V2 (Size 6 - 12) White Blue MVNGOWB2NIKE WMNS AIR MAX 2015 NR BLACK/HOT LAVA/DARK GREY [746683-011] SZ 9.5 , 831070-004 Nike Women Free Rn Flyknit Running Black Mango Turquois , John Richmond Women's Lima Gomma Nero Gomma Nero Suede SneakersNIKE AIR HUARACHE RUN SE MTLC RED BRONZE ELM WOMEN 859429 900 Sz 12 Men Sz 10 , Women's Chic Sports Stripes Cuffed Knit Platform High Heels Over Knee Thigh BootJeffrey Campbell boots size 9 brown suede
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38 - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38 - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    3.1 Stretch Phillip Lim Royal 24608 Blue Kyoto Velvet Stretch Boots Royal Size 7/37 $695 c31fb38
    Boots
    >
    ;